Office space market gets off to good start in Edinburgh

The start of 2008 in Edinburgh has been positive as regards to office space.  Cusham and Wakefield has announced that over the first three months of this year the take up of office space was over 200,000 sq ft. but  there were none above 20.000 sq ft. The projected forcast for the year is around 800,000 sq ft.

Associate partner, Angela Lowe of the Office Agency department at C&W said “Improved demand has also been acompanied by reduction in supply, vacancy rates have fallen by approximately two per cent in the past year and four new Grade A developments, Exchange Place, The Cube, Westport and Quartermile 6, are on site with the earliest scheduled for completion in Spring 2009.”

Demand for space is mainly driven by professional sectors, like Jacobs Babtie Lloyds and Microsoft.

Also improving is the rent, going from £27.50 per sq ft in 2007, to £29 per sq ft in the same quater of last year.

Read the story here.